10/24/07 From sharp gains to sharp losses for wheat futures

Market Line October 24, 2007 Volatility continued in wheat futures Tuesday with limit down to near limit down closes. Commentary suggests the sell-off was partly motivated by profit taking and the lack of validation of the rumor that Russia intends on putting a high tariff on exports. Peter Georgantones of Investment Trading Services in Bloomington, Minnesota never did find the Russian tariff very bullish. Georgantones: "They keep talking about this export tariff out of Russia. But it doesn't matter if it is 100% they are not going to move much wheat. It doesn't really matter to the marketplace. I just believe you have to sell rallies in this market especially old crop here right now. And don't sell into weakness because you will suffer for it." On Tuesday Chicago December wheat was down 30 cents at 8-41. July new crop at Chicago down 15 ½ at 6-79 ½. Dec corn down 3 ½ at 3-61. No comparison for limited Portland soft white and club wheat bids. October was at 9-80 yesterday. HRW 11.5 percent protein down 26-28 cents at 9-57. Dark northern spring wheat 14% protein down 29 at 9-72. Barley at the coast 250 dollars a ton. Cattle futures were lower Tuesday as the market awaits cash fed cattle sales. A cold storage report this week had beef stocks increasing in September but still well below year ago levels. Dec live cattle down 35 cents at 97-22. Nov feeders down 52 at 111-10. Nov Class III milk down a nickel at 17-65. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.